102 Dover St

Kingsley, IA 51028

$50,000A

2 bd · 1.0 ba · 784 sqft · Built 1920 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $843/mo
• Mortgage (P&I): −$262
• Tax + insurance: −$82
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $322/mo
• Annual: $3,865/yr
• Cap rate: 14.02%
• Cash-on-cash: 27.61%
• DSCR: 2.23
• 1% rule: 1.69%
• Cash to close: $14,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $50k.
• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($843 rent vs $50k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($346 loan paydown + $2k appreciation (3.5% local appreciation)).
• Location reads 79/100 on livability (#119 in IA, #2,219 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Kingsley-Pierson Community School District (rural): math 68% / reading 73% proficiency, ranked #125 of 289 in IA (top 43%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Kingsley-Pierson High School (math 82% / reading 87%, grade A, #14 of 336 statewide, top 4%, 145 students, 31% FRL).
• Zoned-school proficiency averages 84% at this address vs 70% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Kingsley-Pierson Community School District average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; 147 units permitted in Plymouth County in 2024 (112 in 5+ unit buildings).
• At projected returns (3.5% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.